Mortgage banker CEO praises (!) CFPB

Mortgage bankers aren’t exactly the most regulation-friendly group around, so when the CEO of the Mortgage Bankers Association (that’d be David Stevens) has good This guy things to say about a government agency that’s creating new regs, it’s worth noting.

In this case, Stevens told the MBA’s membership that, while he thinks many regulators are hindering progress, the Consumer Financial Protection Bureau is one doing policy right.

Why? Because it listened to the mortgage industry before it created its rules — most notably the recent qualified mortgage (QM) regulations and the national mortgage-servicing guidelines.

That doesn’t mean Stevens loves everything that CFPB does, but the agency earned his praise for at least taking his group into account.

“The [servicing] rule was done pretty well,” he said “It’s a recognition that the CFPB really listens and they got a lot right.”

Read the details from Housing Wire.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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